HI I AM INTO MINING BUSINESS,
I HAVE PURCHASED A TATA TIPPER TRUCK.
SHOULD I CLAIM INPUT TAX CREDIT.
ASKING BECAUSE SOME OF THE TAX PRACTISONERS TOLD ME THAT IF I DO SO LATER GOVT. WILL CLAIM THAT BACK WITH INTEREST.
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INPUT CREDIT
Replies (4)
Quick Summary
Yes... You can claim ITC for the purchase of Truck using in Transportation of Your goods...
Mr. Sagar, you can avail ITC on said vehicle.
a registered person/firm cannot take benefit of ITC on purchase of any vehicle for personal use.
to know more read section 17
a registered person/firm cannot take benefit of ITC on purchase of any vehicle for personal use.
to know more read section 17
You can take full credit for the same as you are using for furtherance of your business.
if it is used for business purpose you can claim the entire tax credit .i.e. furhterance of business should be there ( it means the net result of the activity is business related only )
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